One thing that all growing businesses need is insurance services. Workers’ compensation, group health coverage, and other insurance policies help you meet regulatory obligations and improve the morale and loyalty of your workers. However, getting the right coverage at the right rates is a job for experts.
You don’t have to figure it out on your own. Turn to a Tallahassee PEO broker to find a team of experts you can lean on for insurance services. NetPEO can help you get your business insurance problems solved so you can focus on your core business. Here’s why a PEO can be your best option for insurance services.
Co-Employment Gives You Leverage
When you work with a PEO, you enter a co-employment contract with the PEO to handle HR and payroll tasks in the contract. This arrangement gives the PEO leverage to get you better benefits at cheaper rates because they can pool your employees with all the other employees they serve.
Under this arrangement, your employees will also belong to the PEO on paper. You retain all hire and fire powers, scheduling powers, and task assignments, while the PEO can legally state they have a large labor pool during negotiations.
You can get benefit packages reserved for large enterprises even as a small business at an affordable rate using this method. Plus, your PEO will continue to provide insurance services by managing your chosen insurance plans.
Protect Yourself from Regulatory Fines
Getting insurance plans for your company on your own is possible, but it’s easy to make a mistake. An even worse one is going without insurance, especially workers’ compensation. If you don’t have this coverage and a regulator finds out, you can face civil and criminal charges.
Even if one of your employees isn’t injured, you can still get in trouble. All it takes is someone reporting you to the workers’ comp regulators in Florida. This is one insurance policy you cannot avoid; it’s not a benefit but a requirement.
So make sure you have it done right by partnering with an expert to help you. Regulatory compliance is a big reason many businesses in Tallahassee turn to PEOs for insurance services. Don’t let your business fail because you didn’t know a law you had to follow.
What Sorts of Insurance Services Can a PEO Provide?
NetPEO can talk with you about your insurance needs and choose PEOs that can help you get the right kinds of insurance for your company. Here are some types of insurance Tallahassee PEOs can assist you with:
Workers’ Compensation
Workers’ compensation is the most immediate insurance coverage you’ll need after you hire employees in Florida. It’s safest to get it before you start hiring. You may need it as soon as you get one employee depending on your industry, even if they’re part-time.
Group Health Insurance
This is the top benefit sought by employees, even over PTO. Most Americans get health insurance through an employer. If you don’t offer it, any employer with it is a competitor for your staff. However, having it is one of the best things you can do to increase your ROI as you grow.
Healthier employees are more productive, more loyal, take less time off, and have higher morale. We can help you choose group health insurance that fits your budget and the needs of your employees, including dental and vision plans.
Life and Disability Insurance
If your industry involves a lot of risk, like construction, you may want to get additional life and disability insurance. This can protect you if you lose a wrongful death lawsuit or if an employee’s situation lets them sue you directly.
General Liability Insurance
General liability insurance covers your employees in case a third party harms them on the job. For instance, a customer may attack your employee or a subcontractor might make a dangerous mistake. This insurance covers many cases where workers’ compensation wouldn’t apply.
More Than Just Finding a Plan
A PEO isn’t an insurance broker that will help you find a plan and sign you up. They do much more than that. They can manage plans, keep your premium payments under control, pay bills on time, answer employee questions about their plans, and much more.
PEOs provide companies with experts in HR and payroll who can handle many important administrative tasks you don’t have time or expertise to answer. People make entire careers out of these two areas of business for a good reason! They’re complex and, likely, out of your wheelhouse. Some reasons people hire PEOs include:
- Tax compliance
- Payroll processing
- Regulatory compliance
- Risk assessment
- Policy creation
- Recruiting and retention
- Onboarding and training
- Termination
- And more
Choose Just the Services You Need
You can work with a Tallahassee PEO just for insurance services, have them run your entire HR and payroll department, or even have your current staff assign certain tasks just to the PEO. The contracts are quite flexible and we’ll help you decide how to structure it so you can be happy with your PEO.
While a PEO can help you with hiring and firing tasks, you have full control over hiring, firing, daily tasks, scheduling, and all the other major employer tasks. A PEO may suggest changes to your company to protect you against potential problems and lawsuits, but you retain final say on all matters.
Get Business Insurance Through a Tallahassee PEO with NetPEO
Learn how insurance services from a Tallahassee PEO could help your company by getting a free quote from NetPEO. NetPEO is a PEO broker connecting businesses large and small with PEOs who can solve their HR and payroll problems.
To get your free quote and to learn how a PEO can help you, contact our offices to schedule an appointment. We’ll discuss your needs and goals, learn about your company, and help you get connected to the best PEO options for you from our nationwide network. Call today.
